DTC launches “Sightholder Lite” List
The Diamond Trading Company has announced that four of its former sightholders have joined the new “DTC Accredited Business Programme.” From the announcement, it seems that the new designation is like being a sightholder, except you don’t get any diamonds. To qualify for accredited status, the four companies - Livingstones, Premier Diamond Cutting Ltd, Richold SA, and Shree Ramkrishna Export - have to meet the same “Best Practice Principles” as DTC Sightholders.
Basically this just means that they are well-run reasonably socially conscious businesses, or in the corporate speak of today’s announcement “have demonstrated a commitment to adhere to business, social and environmental best practice encapsulated in the BPPs.” Unlike all the other well-run reasonably socially conscious businesses out there, they have also agreed to participate in the DTC’s “Assurance Programme,” of independent, third party verification that they are a well-run reasonably socially conscious business.
For that get to claim that they are approved by the DTC in their marketing. No doubt a snazzy logo will soon follow.
In today’s announcement, Mahiar Borhanjoo, the new Sales and Client Services Director of the DTC, explains it this way: “The four companies joining our Accredited Business Program are all world class diamantaires and we are proud to publicly endorse them as outstanding businesses that have committed to high standards of ethical and professional behavior. When the DTC completed the Sightholders assessment process in 2008, we made it clear that there were a number of very strong applicants that did not qualify for supply because we did not have enough forecast availability. These four companies have been DTC customers of good standing over many years and we are pleased to be able to maintain and build upon our relationships with them.”
Presumably the category is kind of an on-deck circle for sightholders-in-waiting. Members of the program do also qualify for “wide-ranging support” from the DTC, the business consultancy services and conferences now offered to sightholders complete with mandatory fee. But given the unpopularity of the counseling program among sightholders, it’s unlikely that the new ABP members are joining the program just to get advice on adding value.